In Q2, Deutsche Boerse Continues Its Strong Performance in 2022

Increased volatility and higher trading activity were again a boon for wide-moat Deutsche Boerse in the second quarter. Since the beginning of 2022, the exchange group has been a beneficiary of the greater uncertainty across all asset classes, as well as of the heightened demand for hedging trades. Net revenue of EUR 1,018 million and EBITDA of EUR 585 million grew 15% and 13%, respectively, versus the same quarter a year ago, comfortably beating consensus estimates of EUR 972 million and EUR 561 million. Crucially, structural growth drivers such as higher demand for its data and analytics offering and new environmental, social, and governance customers contributed 8% of the total 15% revenue growth in the quarter. We retain our EUR 180 fair value estimate.